Is rendering supposed to take this long with these specs? (40 sec per frame)
Rendertimes depend heavily on what you render.
For example smoke takes ages to render.

For your render settings, crank the tilesize up to 512x512. 

Your graphics card also isnt THAT fast. And 40 seconds per frame isnt really much ;)
In most of my projects, render takes up to several minutes per frame on my machine. Thats why renderfarms excist. For example, i had some smoke/fire sim to be rendered. It took about 15 minutes per frame. 

So, again, it depends on what you render. 

What do you render? Maybe you can optimize?